Indian Markets may remain range-bound; Ranbaxy looking good for long term

Indian stock markets may remain range-bound on Monday. The US Markets were weak on Friday. There may be action in some specific counters but the overall market sentiment is bearish. We may see some selling pressure if Nifty goes near 5000 levels. BSE Sensex closed at 16,371 and NSE Nifty closed at 4942 on Friday.

During a recent interview Technical Analyst, Anil Manghnani expressed his concerns over the market volatility. He further said that the volatility may continue and Indian markets will be more dependent on global cues.

Talking about individual stocks Mr. Anil Manghnani said that JP Associates is forming a strong base near 190 – 200 levels. The stock has resistance at Rs 238. Long-term traders can enter the stock with a stop-loss of Rs 189.

Mr. Anil Manghnani suggested that Suzlon Energy has the major support at Rs 220. The stock faces strong resistance at Rs 259.

He further suggested that long-term investors can enter Ranbaxy as he believes that the stock has bottomed out and can be bought on every decline.